The “Ordinance Amending the Ordinance on Cooperative Project Funding” drawn up by the Ministry of Commerce came into force after publication in the Official Gazette.
The regulation regulates the procedures and principles for supporting investment projects of cooperatives and their parent organizations that contribute to production and employment, ensure the effectiveness and efficiency of their activities, contribute to the use of technology and new production techniques, and bring individual savings into the economy through appropriate cooperative entrepreneurial models.
The Regulation shortened from 5 to 4 years the period established for cooperatives that have received grants under the program not to apply for new grants for the same project, with the exception of the grant for the project whose implementation has become impossible due to force majeure, according to the official document of the institutions concerned.
The purchase of goods takes place within the framework of contracts that cooperatives conclude with entrepreneurs.
The cooperative in question will not be able to transfer ownership of the goods acquired under the funding agreement or change their purpose within 4 years from the completion of the project. In the event of a change, the entire amount paid from the funding will be refunded.
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